28.03.2023 05:40 AM
Forecast for USD/JPY on March 28, 2023

On Monday, the dollar rose by 84 points against the yen, and in today's Asian session, the price returned to the initial positions of Monday, having stopped the decline on the balance indicator line. Technically, the succeeding movement is simple; in case the price climbs above yesterday's high at 131.77, it may continue rising to the target line at 134.15. Overcoming the support at 130.18 will open the target at 127.75.

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A closer look at the current situation shows that the pair's decline for March was exactly 76% of the growth since January, and the Marlin oscillator has not declined since March 20. This suggests that the main scenario is going to be growth.

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On the four-hour chart, the Marlin oscillator is trying to return to the positive zone; the price is hesitant to climb above the MACD line (above 131.16). In order to be more confident about a growth signal, the price should climb above Monday's high at 131.77.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2023
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